A new poll showing voters concerned with B.C.'s economy was led to a warning from the B.C. Chamber of Commerce.
"(Without) a sharp focus on creating conditions to strengthen our business environment, so that it generates tax revenues, government risks creating a difficult position," president and chief executive officer Fiona Famulak said.
"It's therefore imperative that all parties articulate how they will deliver long-term economic growth and investment stability. Without it, as a province, we risk running off a financial cliff."
Famulak made these comments before discussing details of the first of three polls the organization commissioned leading up to this year's provincial election.
Famulak said the survey shows voters clearly understand the link between a strong economy and the provision of public services. When asked whether the current government understands this link, Famulak said the "way forward" lies in all parties sharing their plans to create economic growth and regulatory certainty.
She pointed to figures which she says show the current business environment challenges British Columbians.
"The poll tells us that only 14 per cent of voters believe that the business environment in British Columbia has improved over the last five years, while nearly 40 per cent say business opportunities have deteriorated."
She also pointed to figures which she says show the impact of regulatory changes on businesses.
"During the last five years, the government has introduced sweeping regulatory changes, successively and rapidly, often with little or no consultation," she said. "The poll tell us that 65 per cent of employers believe recent regulatory changes are creating investment uncertainty. We know businesses need that certainty in order to plan and invest. The poll tells us that 64 per cent of employers are more likely to re-locate their business to another jurisdiction due to the investment uncertainty in B.C."
Famulak said she hopes parties take these insights seriously. "The longer this type of environment continues, one in which businesses struggle, one in which regulatory change feeds uncertainty, the more likely the opportunities for growth that come our way will slip through our fingers and prevent B.C.'s economy from thriving."
She singled out the resource sector as an area of "great" opportunity that B.C. can "leverage," with the implication being that it remains under-used.
"(B.C.) is a resource-rich economy with product that is demanded by countries around the world, whether it is critical minerals, whether it is natural gas, whether it is the forestry sector, and the natural resource sector is highly regulated," she said.
"There is a line-up of projects waiting to be approved. Unleash them."
The chamber's poll conducted by Counsel Public Affairs appears just one day after the province presented financial statements for the fiscal year of 2023-34. They show a deficit that exceeded $5 billion, nearly $900 million higher than budgeted.
B.C. Finance Minister Katrine Conroy yesterday defended the additional spending, pointing to the additional costs of fighting wildfires and floods totalling $1.5 billion and needed spending on social and physical infrastructure because of population growth and other pressures.
Conroy said B.C.'s economic growth of 1.6 per cent GDP outpaced the national average to tie for second in Canada and that the provincial unemployment rate remains among the lowest. She called B.C.'s deficit manageable while promising an eventual but unspecified return to balanced books. However, this is not the time to cut services, she said.
Deficits are not unique to B.C. Some western jurisdictions are running much larger deficits to counter slow growth and catch up with infrastructure needs.
Answering as a "chartered accountant," Famulak questioned this approach.
"Just because the world runs deficits...doesn't mean it's the right thing to do," she said. "There are strategic deficits for sure as organizations move through challenging financial times," she said. "However, long-term deficits are unsustainable.
"Revenues need to be greater than costs."
Nearly half of surveyed British Columbians say the province is heading in the wrong direction, but the poll also shows that B.C. NDP with an eight point lead among decided and leaning voters over the Conservative Party of B.C.
"I'm not going to speculate on the political sentiments within this poll," she said. "That is for political scientists and pundits to take on."
But it is absolutely critical for any future government to take on the economic file after Oct. 19, she added.
